New loophole for ERISA practitioners.Recent changes in investment adviser registration, which generally gave the states responsibility for smaller advisers and the SEC authority over larger ones, resulted in an unintended problem for smaller advisers who worked with plans under ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). : On one hand, the new, regulations required them to register with their states; on the other hand. ERISA still required SEC registration. Dual registration was not allowed. Caught in a Catch-22 -- violating the new regulations or ERISA -- the smaller practitioners faced a loss of their practice niche. (See "Registration for ERISA Practitioners," JofA, Oct.97, page 14, for details.) As generally expected, however, Congress quickly passed a law solving the problem: Now, these small ERISA practitioners will register with their states and are exempt from SEC registration. S 1227 received virtually no opposition and became PL 105-72 when President Clinton Clinton. 1 Town (1990 pop. 12,767), Middlesex co., S Conn., on Long Island Sound; settled 1663, set off from Killingworth and inc. 1838. The school that later became Yale opened here in 1702. signed it on November November: see month. 10. The complete text of the new law (approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. two pages) is available through the federal government's THOMAS Web site (http://thomas.loc.gov/home/thomas.htrril) or in the Congressional Record A daily publication of the federal government that details the legislative proceedings of Congress. The Congressional Record began in 1873 and, in 1947, a feature called The Daily Digest was added to briefly highlight the daily legislative activities of each House, (Senate-September 26, 1997, page S10026). |
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